NVR, Inc. - NVR STOCK NEWS

NVR, Inc. (NYSE: NVR) reported a net income of $344.4 million for Q1 2023, reflecting a 19% decline compared to $426.1 million in Q1 2022. Diluted earnings per share also fell by 14% to $99.89. Consolidated revenues were $2.18 billion, an 8% decrease from $2.38 billion last year. New orders decreased 1% to 5,888 units, with the average sales price dropping by 5% to $441,200. Cancellation rates rose to 14% from 10% in 2022. Settlements declined 11% to 4,639 units, despite a 4% increase in average settlement price. The backlog of homes fell 23% in both unit and dollar terms, totaling $4.79 billion.

Comstock Holdings Companies reported impressive financial results for Q4 and FY 2022, showcasing a 20% increase in revenue to $9.3 million and 26% growth for the year at $39.3 million. Operating income surged 61% in Q4 to $1.6 million, while FY operating income rose 57% to $8 million. Net income increased 39% in Q4 to $1.3 million, but FY 2022 net income was $7.7 million, down from $16 million in 2021 due to a prior-year tax benefit. Adjusted EBITDA jumped 58% in Q4 to $1.9 million and 55% YTD to $9 million. The company emphasized strong performance amid economic uncertainty, enhanced by debt elimination and a growing managed portfolio.

NVR, Inc. (NYSE: NVR) reported a strong financial performance for Q4 2022, with net income reaching $454.8 million ($133.44 per diluted share), reflecting a 36% increase year-over-year. Consolidated revenues climbed 22% to $2.71 billion, while net income for the full year was $1.73 billion, up 40% from 2021. However, new orders dropped 27% to 4,153 units, and the cancellation rate rose to 18%. Despite these challenges, homebuilding revenues increased 23% to $2.67 billion in Q4. The mortgage segment's income fell 24% to $26.4 million due to reduced secondary marketing gains. Overall, the effective tax rate improved, benefiting from stock option exercises.

NVR, Inc. reported a strong financial performance for Q3 2022, with net income reaching $411.4 million or $118.51 per diluted share, up 24% and 37% year-over-year, respectively. Consolidated revenues were $2.78 billion, a 16% increase compared to Q3 2021. However, new home orders fell 15% to 4,421 units. The average sales price for new orders rose 3% to $453,400, while the cancellation rate increased to 15%. Homebuilding revenues increased 17% to $2.74 billion, alongside a gross profit margin improvement to 23.6%.

NVR, Inc. (NYSE: NVR) has authorized a $500 million stock repurchase program, continuing its efforts to maximize shareholder value initiated in 1994. The share buybacks will take place in the open market and/or in private transactions, aligned with market conditions. This authorization prohibits purchases from company officers, directors, and trusts. As of August 1, 2022, NVR had 3,282,665 shares of common stock outstanding. The company's operations are divided into homebuilding and mortgage banking across several states and Washington, D.C.

NVR, Inc. reported a net income of $433.3 million for Q2 2022, translating to $123.65 per diluted share, up 35% year-over-year. Consolidated revenues rose 16% to $2.66 billion, while homebuilding revenues reached $2.61 billion, increasing 17% from 2021. However, new orders dropped by 16% to 4,663 units, and the cancellation rate rose to 14%. Mortgage banking income before tax fell by 26% to $29.1 million due to decreased secondary marketing gains. For the first half of 2022, net income reached $859.4 million, a 51% increase compared to the previous year.

NVR, Inc. (NYSE: NVR) has authorized a $500 million repurchase of its common stock. This initiative follows a long-standing program since 1994, aimed at enhancing shareholder value. The shares will be acquired in the open market or through private transactions, depending on market conditions. As of May 3, 2022, NVR had 3,288,055 shares outstanding. The new authorization excludes purchases from the Company’s officers, directors, and employee trusts, maintaining a strategy focused on maximizing shareholder returns.